The Leeds family of Long Island is expected to reap a $1-billion payday when final bids are submitted in two weeks for their high-tech publishing empire, CMP Media.

The company, which publishes Windows Magazines and Computer Reseller News and 10 other high-tech titles in the U.S., is highly dependent on advertising revenue and had been hurt last year by the slump in high-tech ads in business to business publications.

Nevertheless, its stock price started surging when the company said on Feb. 10 that it had hired Lazard Freres to explore “strategic options.”

Company officials were unavailable yesterday to comment on the bids, which are said by industry executives to be nearing the end of the second and final round.

Bidders still believed to be in the running include International Data Group, headed by rival high-tech publishing mogul Patrick McGovern; VNU, the Dutch publishing giant that already owns U.S. properties AdWeek, Hollywood Reporter and Billboard; Britain’s United Newspapers & Media, which owns San Francisco-based Miller Freeman; and financial player Boston Ventures.

None of the companies would comment publicly yesterday.

CMP last year had revenues of $477.6 million – barely above its 1997 total of $473.9 million. Its operating income last year fell to $16 million from $34.9 million a year earlier and its net income dropped to $10 million, from $17.3 million a year earlier.

The company was founded in 1971 by Gerald and Lilo Leeds – a husband and wife team who started in their home with a single tabloid trade newspaper, Electronic Buyers News.

CMP Media raised $110 million when it went public in July 1997 at $22 a share and for awhile, seemed to be flying high.

As recently as May, 1998, the company seemed to be on the prowl for new acquisitions when it bought out the McGraw Hill high-tech titles Byte, LanTimes, tele.com and Data Communications for $28.6 million.

But the stock began tanking late last year due to disappointing earnings tied to the slump in high-tech advertising. Its stock skidded to a 52-week low of $8 a share on Sept. 14.

Its stock to jumped 42 percent in one day when the company said it had hired an investment banker. It reached a high of 331/4 on March 9.

Yesterday it closed at 32, up 1/8 which would give it a market capitalization at yesterday’s price of $750.16 million.

Today, the company is headed by President and CEO Michael Leeds, son of the husband-and-wife team that founded the company.